Chief Financial Officer Gautam Ranji has also stepped down. The bulk of the operating loss figure relates to ‘selling, general and administrative expenses,’ with some of the specific costs including higher compensation for employees and the impact of a transition services agreement with Maddison Square Garden Entertainment. Sphere Entertainment reported on Tuesday that it experienced a $98.4m operating loss for the quarter ended September 30.
Doubling as an event venue and an advertising tool, the world’s biggest spherical structure opened for the first time officially on September 29, with U2 beginning its 36-show residency.Įxperienced a $98.4m operating loss for the quarter ended September 30ĭespite that attention, The Sphere has a long way to go before turning a profit if its most recent quarterly financial results are anything to go by. When the first videos began circulating of the Las Vegas Sphere in operation, many marveled at its ingenuity. Every so often something comes along that instantly captures the attention of the world.
